In a candid interview with Shradha Sharma - Founder of YourStory, Mithun shared invaluable wisdom passed down from his grandfather, which served as the guiding mantra behind his journey to building the CaratLane empire:
Nazar (Keep your eyes wide open),
Khabar (Keep your ears attentive), and
Jigar (Have the courage to go all in when the time is right).
These principles have proven to be pure gold.
Mithun exemplified these principles when Titan acquired the remaining 27.18% stake in CaratLane. He walked away with a staggering 4,621 crores in cash, while CaratLane's dedicated employees collectively earned around 340-380 crores through the ESOP pool.
Reflecting on CaratLane's inception in 2008, Mithun recalled the commoditised landscape of the jewellery business. Everyone seemed to be offering the same products.
Mithun's journey unfolded in four distinct phases:
Phase 1 [2008-2011]: Driven by his passion for jewellery making, Mithun established Jaipur Gems. This period was characterised by the search for Product-Market Fit (PMF) and survival without external funding, yet they achieved a remarkable 10X growth.
Phase 2 [2011-2014]: With their first infusion of funding from Tiger Global, the focus shifted to scaling while continuing to refine the PMF, still achieving an impressive 10X growth.
Phase 3 [2015-2016]: A game-changer came with a massive $30 million investment from Tiger Global, also marking the entry of the Tatas into the CaratLane family. Even at this stage, growth remained at an astonishing 10X.
Phase 4 [2017-2018]: The emphasis shifted towards scaling and data analysis. Discovering that 25% of customers were returning, compared to just 5% for competitors, CaratLane identified their niche. They pivoted their strategy towards crafting everyday jewellery priced at around 20K, and the rest, as they say, is history!
Post-CaratLane, Mithun aspires to be an enabler and partner, sharing his knowledge and capital to nurture ventures as significant as CaratLane itself.
Reflecting on lessons learned, Mithun admitted that they should have delved into data analysis earlier, a decade after CaratLane's inception. He also regretted the expenditure of resources on misguided competition pursuits, envisioning that this decision could have preserved CaratLane's standing even today.
Mithun declared, "Mithun will now signify more than just a disco dancer to people!"
As a loyal CaratLane customer, I find this journey profoundly inspiring. Mithun's humility and patience in building this remarkable brand are truly commendable.
Kudos to Mithun, and we eagerly anticipate his next endeavours!